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WEALTH MANAGEMENT | Cesar Tordesillas, China

Published: 26 Jan 11

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Wealth management gives Impetus to ICBC's transformation

ICBC's balance of assets under management reached RMB 609.4 billion at the end of November 2010. Thus ICBC tops the domestic league table and remains as the largest asset management bank in the country. The robust growth of the asset management business not only boosts the Bank's intermediary business earnings, but also brings good return to the customers. Just in 2010, ICBC paid RMB 11.8 billion in investment return to customers.

The strong momentum of ICBC's asset management business underscores the value of ICBC focus on innovation to drive the business, said the business director Chen Xiaoyan of ICBC Asset Management Department. In terms of product categories, new offerings in 2010 having strong impact on the market are "Win Every Step" -- a fixed-income product with interest calculated in segments, Sun Private Placement -- a portfolio securities investment product, and "Ruyi gold"-- a combined wealth management product. The eight product lines- "T+0" ultra-short, fixed-income, stock yield right, commodity investment, FOF, PE, special investment, value-added wealth management products, offer a variety of choices for the market and customers.

Last year, ICBC introduced more innovation mechanisms for asset management business via which approval and management on wealth management products can be streamlined. Clear procedures, clear job responsibilities have been defined in front-office's marketing, middle-office's investment management and back office's clearing. New procedures support business development and risk control under a new operation mode which enables coordinated business activities while risks are separated. In this regard, ICBC stays ahead of the peers in compliance management.

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